BIZ BUZZ: FPH’s waiting game drags on

The waiting game at Lopez-led First Philippine Holdings Corp. (FPH) is far from over.

Just when investors thought the company’s long-delayed annual stockholders’ meeting (ASM) would finally push through on July 27, another postponement landed on the table—this time at the instruction of the Securities and Exchange Commission’s Ad Hoc Committee handling matters involving the Lopez Group.

The regulator directed FPH to move the meeting to a date within 60 days from July 27, giving the company more time to complete preparations. More importantly, the SEC also ordered FPH to include the election of directors in the agenda, although any board changes remain subject to the Mandaluyong Regional Trial Court’s existing orders.

That caveat is the real catch.

The court’s writ of preliminary injunction continues to bar any move that would replace Federico “Piki” Lopez in corporations where Lopez Inc. exercises its voting rights through its president. In other words, while the SEC wants the board election back on the agenda, the courtroom still sets the boundaries.

For minority shareholders, the latest delay means another stretch of uncertainty in a corporate saga that has dragged on for months. Every postponed meeting pushes back key governance decisions while the battle within the Lopez family remains unresolved.

FPH said its board would hold a special meeting to set a new ASM date and finalize the details.

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The bigger question now is whether the next schedule will finally stick—or if shareholders should brace for yet another postponement before this long-running corporate drama reaches its next chapter.

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